Published: August 18, 2009
As part of its 2009 borrowing program, the Turkish treasury mandated Barclays Capital, Deutsche Bank and Goldman Sachs for the reopening of its dollar denominated notes due July 14, 2017. The pricing of the reopening has been completed with a nominal amount of US€1.25bn. With this reopening, the total size of the bond reached US$2.25bn.
The reopening has a yield to investor of 6.65% and a spread of 297.6bp over US treasury bonds with similar maturity. The proceeds of the issue will be transferred to treasury accounts on July 31, 2009.
The bond has attracted an orderbook from 22 countries and 167 accounts at an amount of approximately more than six times of the actual issue size. Approximately 36% of the notes have been sold to the US, 27% to Europe, 3% to Asia, 32% to Turkey and 2% to other countries.
Turkey’s total international bond issuance in 2009 amounts to US$3.75bn, after issuances in January and May 2009.